Tax & Accounting Blog

Cost Basis Transfer Statements: Check These Required Elements for Inherited Securities

Cost Basis Transfer Statements: Check These Required Elements for Inherited Securities

The Final Regulations for basis reporting (TD 9504) established some very specific requirements for transfer statements in the case of inherited securities.  An initial transfer statement is required upon inheritance to indicate whether the inherited securities are covered securities under the cost basis rules. Then, all subsequent transfers of the inherited securities are required to … Read More

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Kentucky Outlining Plan to Eliminate Income Taxes

2011 gubernatorial candidate David Williams has released a plan that would eliminate state personal and corporate income taxes in Kentucky in order to spur job growth.  Williams’ plan currently doesn’t propose an alternative to the income tax, but under his plan a commission would develop a new structure.  Some reforms discussed include giving counties the … Read More